Africa: Watch Market 2024

Watch Market Size in Africa

The African watch market declined slightly to $X in 2021, reducing by -1.6% against the previous year. Overall, consumption, however, continues to indicate a abrupt contraction. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Watch Production in Africa

In value terms, watch production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a abrupt setback. The pace of growth was the most pronounced in 2015 with an increase of 39%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports in Africa

In 2021, approx. X units of watches were exported in Africa; increasing by 20% against the previous year. Over the period under review, exports, however, continue to indicate a pronounced setback. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports skyrocketed to $X in 2021. Total exports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 64% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Africa represented the largest exporting country with an export of around X units, which recorded 73% of total exports. Madagascar (X units) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Mauritius (5.7%).

South Africa was also the fastest-growing in terms of the watches exports, with a CAGR of +10.4% from 2012 to 2021. Mauritius (-10.4%) and Madagascar (-11.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Africa increased by +54 percentage points.

In value terms, South Africa ($X) remains the largest watch supplier in Africa, comprising 76% of total exports. The second position in the ranking was taken by Mauritius ($X), with a 2.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in South Africa stood at +15.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Mauritius (-13.2% per year) and Madagascar (-20.5% per year).

Export Prices by Country

The export price in Africa stood at $X per unit in 2021, rising by 14% against the previous year. Export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +8.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch export price increased by +34.7% against 2017 indices. The pace of growth was the most pronounced in 2013 when the export price increased by 65%. Over the period under review, the export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Africa ($X per unit), while Madagascar ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+4.7%), while the other leaders experienced a decline in the export price figures.

Watch Imports

Imports in Africa

In 2021, approx. X units of watches were imported in Africa; increasing by 27% compared with the year before. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The volume of import peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports soared to $X in 2021. Overall, imports, however, recorded a slight decline. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

South Africa represented the major importing country with an import of about X units, which finished at 46% of total imports. Morocco (X units) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by Djibouti (7.7%) and Ghana (5.1%). Tunisia (X units), Libya (X units), Mauritius (X units), Egypt (X units), Burundi (X units) and Sudan (X units) followed a long way behind the leaders.

Imports into South Africa increased at an average annual rate of +1.4% from 2012 to 2021. At the same time, Burundi (+51.6%), Djibouti (+34.6%), Ghana (+33.5%), Morocco (+12.0%) and Sudan (+2.9%) displayed positive paces of growth. Moreover, Burundi emerged as the fastest-growing importer imported in Africa, with a CAGR of +51.6% from 2012-2021. Tunisia experienced a relatively flat trend pattern. By contrast, Libya (-1.8%), Mauritius (-4.2%) and Egypt (-4.6%) illustrated a downward trend over the same period. Djibouti (+7 p.p.), Morocco (+5.8 p.p.), Ghana (+4.7 p.p.) and Burundi (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Libya, South Africa, Egypt and Mauritius saw its share reduced by -1.5%, -2.1%, -2.5% and -2.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest watch importing markets in Africa were South Africa ($X), Morocco ($X) and Egypt ($X), with a combined 59% share of total imports. Tunisia, Libya, Djibouti, Mauritius, Ghana, Sudan and Burundi lagged somewhat behind, together accounting for a further 19%.

Djibouti, with a CAGR of +30.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Africa stood at $X per unit in 2021, increasing by 11% against the previous year. Overall, the import price, however, showed a perceptible downturn. The pace of growth appeared the most rapid in 2014 an increase of 14%. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Egypt ($X per unit), while Burundi ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sudan (+12.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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